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Local currency

Local currency
See Emissions Reduction Currency System for community based initiatives aimed at emission reduction In economics, a local currency, in its common usage, is a currency not backed by a national government (and not necessarily legal tender), and intended to trade only in a small area. As a tool of fiscal localism, local moneys can raise awareness of the state of the local economy, especially among those who may be unfamiliar or uncomfortable with traditional bartering.[citation needed] They encompass a wide range of forms, both physically and financially, and often are associated with a particular economic discourse. All are currencies that have different designs and serve different purposes than conventional money. Terminology[edit] Local currencies are sometimes referred to as a community currency. Characteristics[edit] Theory[edit] Advocates[who?] Benefits[edit] The Wörgl experiment dramatically illustrates some of the common characteristics and major benefits of local currencies.[1] 1. 2. 3.

Related:  Alternative Currency

Alternative currency An alternative currency (or private currency) is any currency used as an alternative to the dominant national or multinational currency systems (usually referred to as national or fiat money). They are created by an individual, corporation, or organization, they can be created by national, state, or local governments, or they can arise naturally as people begin to use a certain commodity as a currency. Mutual credit is a form of alternative currency, and thus any form of lending that does not go through the banking system can be considered a form of alternative currency. When used in combination with or when designed to work in combination with national or multinational fiat currencies they can be referred to as complementary currency. Most complementary currencies are also local currencies and are limited to a certain region. Barters are another type of alternative currency.

Dieter Suhr, Neutral Money Network Prof. Dr. Dieter Suhr (+) University of Augsburg Complementary currency Complementary currency describes currencies that exists as a supplement to our conventional (national) money. “A complementary currency (…) is an agreement to use something else than legal tender (i.e. national money) as a medium of exchange, with the purpose to link unmet needs with otherwise unused resources” (Lietaer & Hallsmith 2006: 2). Complementary currencies advocates thus don't claim a full Separation of money and state. Purposes[edit] Complementary currencies are often designed intentionally to address specific issues or problems.[3] Most complementary currencies have multiple purposes and/or are intended to address multiple issues. In the current economic climate, some local money projects can also be promoted as

Local Exchange Trading Systems A local exchange trading system (also local employment and trading system or local energy transfer system; abbreviated to LETS or LETSystem) is a locally initiated, democratically organised, not-for-profit community enterprise that provides a community information service and record transactions of members exchanging goods and services by using the currency of locally created LETS Credits.[1] History[edit] Michael Linton originated the term "local exchange trading system" in 1983 and for a time ran the Comox Valley LETSystems in Courtenay, British Columbia.[2] The system he designed was intended as an adjunct to the national currency, rather than a replacement for it,[3] although there are examples of individuals who have managed to replace their use of national currency through inventive usage of LETS.[citation needed]

Metacurrency Collabathon: a wealth system After Sibos, Q4 is usually the period of the year when I try to re-boot, to refresh my sources, to be a sponge and take-in new knowledge. It’s when I start painting for the next year. When the themes and trends for next year start emerging. I wanted to get a much better feel for what this world of alternative and complementary currencies was all about, and decided to join a week-end “Collabathon” organized by Art Brock (@artbrock) and Eric Harris-Braun (@zippy314), the founders of The Metacurrency Project. In the slipstream of the Contact Summit, they wanted to gather the minds to work on NextNet ideas and tools. From their site:

Mutual credit Mutual credit is a type of alternative currency in which the currency used in a transaction can be created at the time of the transaction. LETS are mutual credit systems. Typically this involves keeping track of each individual's credit or debit balance. Although the effect is like a loan, no interest is charged, and since mutual credit allows for trading and cancelling balances with others, debts can be paid off indirectly. How to Start Your Own Private Currency - Derek Thompson - Business It's not as complicated as it sounds. All you need is a system other people can understand and, most importantly, trust. Here's a nightmare scenario shared by some mainstream investors, goldbugs and Ron Paul devotees: The year is 2013. Inflation has the U.S. economy in a stranglehold.

Political Currency According to the report in 9to5mac, Healthbook not only will track things like how much exercise and sleep youre getting, but also your blood pressure, your blood sugar levels, and much more. It appears extremely comprehensive. Sure, the images may be fake. But as a thought experiment, lets pretend its legit. All that collection will be great, but without a way to not just collate them, but make them meaningful, it runs the risk of becoming data clutter. There are already devices that can collect the data referenced in these imageseven the hard-to-find stuff. Private currency A private currency is a currency issued by a private organization, be it a commercial business or a nonprofit enterprise. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issuance of private paper currencies is severely restricted by law. Today, there are over four-thousand privately issued currencies in more than 35 countries.

Pretty much everything about the real identity of bitcoin’s mysterious creator will surprise you The mysterious, anonymous creator of bitcoin, whose identity has been sought by countless journalists, geeks, and hobbyists since the currency first appeared, has finally been uncovered. Update: Dorian Nakamoto told the AP that he did not invent Bitcoin, and only heard of it when his son mentioned a reporter had called him to ask if the elder Nakamoto had invented it. And now the whole affair is a meme. The most astonishing thing about the man behind bitcoin, who went by pseudonym “Satoshi Nakamoto” online, is that his real name is in fact Satoshi Nakamoto.

Community Exchange System The Community Exchange System (CES) is an Internet-based trading network[1] which allows participants to buy and sell goods and services without using a national currency. While the relatively new system can be used as an alternative to traditional currencies such as the dollar or Euro or South African rand, the Community Exchange System is a complementary currency in the sense that it functions alongside established currencies. It is international in scope.[2] It does not have printed money or coins[3] but uses computer technology to serve as an "online money and banking system" or alternative exchange system and as a marketplace.[4] It is an advance from an arrangement in which either one good or service is exchanged for another good or service, or commonly called barter, since it uses a digital unit of value.[2][3] While there are reports that the system is growing, in 2011 the system handles only a tiny fraction of international world commercial activity.

Bitcoin Embassy In Poland’s Capital Warsaw A new bitcoin embassy was launched in Poland’s capital Warsaw on 12th May with the aim of promoting the digital currency in the country and fostering innovation. Located on Krucza 46 street, right in the city centre, the embassy is a stone’s-throw from the Warsaw Stock Exchange and Poland’s central bank – two of the most powerful financial institutions in the Polish economy. Inside the newly furbished, contemporary office space stands bitcoin mining hardware. On one of the walls hangs a triple clock showing local time in three cities: Montreal, Tel Aviv and Warsaw. “These are the first three cities in the world where bitcoin embassies were opened,” explained Piotr Hetzig, chief executive of Bitcoin Embassy Warsaw (pictured above), adding:

Time banking In economics, a time-based currency is an alternative currency where the unit of exchange is the person-hour. Some time-based currencies value everyone’s contributions equally: one hour equals one service credit. In these systems, one person volunteers to work for an hour for another person; thus, they are credited with one hour, which they can redeem for an hour of service from another volunteer. Critics charge that this would lead to fewer doctors or dentists. Virtual economy A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual persistent world, usually exchanging virtual goods in the context of an Internet game. People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual economies lack the aspects of a real economy that are not considered to be "fun" (for instance, avatars in a virtual economy often do not need to buy food in order to survive, and usually do not have any biological needs at all). However, some people do interact with virtual economies for "real" economic benefit.